Fair Credit Reporting (FCRA) - Section 605

The Fair Credit Reporting Act - Section 605

(a) Information excluded from consumer reports. Except as authorized under
subsection (b) of this section, no consumer reporting agency may make any
consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that,
from the date of entry of the order for relief or the date of adjudication, as
the case may be, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry,
antedate the report by more than seven years or until the governing statute of
limitations has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate
the report by more than seven years.(1)

(5) Any other adverse item of information, other than records of convictions of
crimes which antedates the report by more than seven years.1
(b) Exempted cases. The provisions of subsection (a) of this section are not
applicable in the case of any consumer credit report to be used in connection
with

(1) a credit transaction involving, or which may reasonably be expected to
involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be
expected to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which
may reasonably be expected to equal $75,000, or more.
(c) Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of
subsection (a) shall begin, with respect to any delinquent account that is
placed for collection (internally or by referral to a third party, whichever is
earlier), charged to profit and loss, or subjected to any similar action, upon
the expiration of the 180-day period beginning on the date of the commencement
of the delinquency which immediately preceded the collection activity, charge to
profit and loss, or similar action.

(2) Effective date. Paragraph (1) shall apply only to items of information added
to the file of a consumer on or after the date that is 455 days after the date
of enactment of the Consumer Credit Reporting Reform Act of 1996.
(d) Information required to be disclosed. Any consumer reporting agency that
furnishes a consumer report that contains information regarding any case
involving the consumer that arises under title 11, United States Code, shall
include in the report an identification of the chapter of such title 11 under
which such case arises if provided by the source of the information. If any case
arising or filed under title 11, United States Code, is withdrawn by the
consumer before a final judgment, the consumer reporting agency shall include in
the report that such case or filing was withdrawn upon receipt of documentation
certifying such withdrawal.

(e) Indication of closure of account by consumer. If a consumer reporting agency
is notified pursuant to section 623(a)(4) [1681s-2] that a credit account of a
consumer was voluntarily closed by the consumer, the agency shall indicate that
fact in any consumer report that includes information related to the account.

(f) Indication of dispute by consumer. If a consumer reporting agency is
notified pursuant to section 623(a)(3) [1681s-2] that information regarding a
consumer who was furnished to the agency is disputed by the consumer, the agency
shall indicate that fact in each consumer report that includes the disputed
information.

(a) Information excluded from consumer reports. Except as authorized under
subsection (b) of this section, no consumer reporting agency may make any
consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that,
from the date of entry of the order for relief or the date of adjudication, as
the case may be, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry,
antedate the report by more than seven years or until the governing statute of
limitations has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate
the report by more than seven years.(1)

(5) Any other adverse item of information, other than records of convictions of
crimes which antedates the report by more than seven years.1

(b) Exempted cases. The provisions of subsection (a) of this section are not
applicable in the case of any consumer credit report to be used in connection
with

(1) a credit transaction involving, or which may reasonably be expected to
involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be
expected to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which
may reasonably be expected to equal $75,000, or more.

(c) Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of
subsection (a) shall begin, with respect to any delinquent account that is
placed for collection (internally or by referral to a third party, whichever is
earlier), charged to profit and loss, or subjected to any similar action, upon
the expiration of the 180-day period beginning on the date of the commencement
of the delinquency which immediately preceded the collection activity, charge to
profit and loss, or similar action.

(2) Effective date. Paragraph (1) shall apply only to items of information added
to the file of a consumer on or after the date that is 455 days after the date
of enactment of the Consumer Credit Reporting Reform Act of 1996.

(d) Information required to be disclosed. Any consumer reporting agency that
furnishes a consumer report that contains information regarding any case
involving the consumer that arises under title 11, United States Code, shall
include in the report an identification of the chapter of such title 11 under
which such case arises if provided by the source of the information. If any case
arising or filed under title 11, United States Code, is withdrawn by the
consumer before a final judgment, the consumer reporting agency shall include in
the report that such case or filing was withdrawn upon receipt of documentation
certifying such withdrawal.

(e) Indication of closure of account by consumer. If a consumer reporting agency
is notified pursuant to section 623(a)(4) [1681s-2] that a credit account of a
consumer was voluntarily closed by the consumer, the agency shall indicate that
fact in any consumer report that includes information related to the account.

(f) Indication of dispute by consumer. If a consumer reporting agency is
notified pursuant to section 623(a)(3) [1681s-2] that information regarding a
consumer who was furnished to the agency is disputed by the consumer, the agency
shall indicate that fact in each consumer report that includes the disputed
information.